In the year ending June 30, 2022, pay and benefits for private industry workers increased 5.5%, with wages and salaries increasing 5.7% and the cost of benefits increasing 5.3%, according to the U.S. Bureau of Labor Statistics. Within occupational groups, compensation costs for leisure and hospitality workers increased 7.8%.

After accounting for inflation, though, real wages and salaries for all private industry workers declined 3.1%, and the value of benefits declined 3.5%.

Interestingly, the cost of wages and salaries for workers represented by unions rose 3.4% versus 6.0% for workers not represented by unions.

Now, if we can just get inflation under control…. It will be interesting to see how much the recent decrease in the price of gasoline has affected the overall rate of inflation and thereby the real value of workers’ compensation and benefits.